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BUSINESS
April 26, 2013 | By Adolfo Flores
Owners of Southern California small businesses are mixed on the state of the economy, according to data released Thursday. About 42% said the economy was recovering, and 48% said the nation was still in a recession, according to the U.S. Bank Small Business Annual Survey. More than two-thirds of the business owners said they were unlikely to make a capital expenditure in the next year. In Southern California, 64% of respondents characterized their financial health as “good,” and 46% said they expect higher revenues in the next year.
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BUSINESS
November 18, 2013 | By E. Scott Reckard
Online lender Quicken Loans sits atop J.D. Power & Associates' survey of mortgage customer satisfaction for a fourth straight year. Quicken rated 841 overall out of a possible 1,000, according to J.D. Power, a Westlake Village market researcher. The Detroit-based lender received top ratings in all categories: the application and approval process, interactions with loan representatives, the closing experience, and level and quality of contact. BB&T Corp. of Winston-Salem, N.C., ranked second at 798 with high scores in all categories.
BUSINESS
June 7, 2001 | Bloomberg News
Bank of America Corp., the largest U.S. bank by deposits, said it plans to exit equities and merger and acquisition advisory businesses in as many as 12 emerging markets to focus on more profitable debt operations. The changes will affect about 100 staff and will span Singapore, Hong Kong and India in Asia as well as markets in Eastern Europe and Latin America.
BUSINESS
November 8, 2000 | Reuters
Bank One Corp., the No. 4 U.S. bank holding company, named Philip Heasley, a former U.S. Bancorp president, to run its troubled First USA credit card operation. Heasley, 51, will become chairman and chief executive of First USA on Jan. 1, succeeding William Boardman, 59, who will retire in mid-2001. First USA, the third-largest credit card issuer with 53.6 million cardholders, has been a sore spot for Chicago-based Bank One for more than a year.
BUSINESS
April 6, 2004 | From Reuters
Bank of America Corp., the nation's No. 2 bank, said Monday that it planned to cut 12,500 jobs over the next two years as a result of its $48-billion purchase of FleetBoston Financial Corp. The cuts amount to about 7% of the combined banks' workforce of more than 180,000. Bank of America said about 30% of the cuts would be through attrition.
CALIFORNIA | LOCAL
March 25, 2014 | Chris Megerian
SACRAMENTO - Millions of dollars in welfare benefits are ending up in banks' pockets each year when poor Californians access their taxpayer-funded benefits, according to state statistics and a report released Tuesday. Like many other states, California issues electronic cards to welfare recipients so they can withdraw public assistance from ATMs. Last year, $18.9 million was spent on ATM fees. The year before they topped $19.4 million. The state welfare system allows recipients to make four free withdrawals per month at ATMs run by MoneyPass, part of U.S. Bank.
BUSINESS
August 2, 2007 | From Times Wire Services
Biola University in La Mirada has sued Bank of America Corp. and BNP Paribas, saying the banks conspired to overcharge the Christian school for $84.2 million of derivatives. In its suit filed Tuesday in U.S. District Court in Los Angeles, Biola said the banks misled it into believing that it paid a fair price for four derivatives it bought in 2002 and 2004. The contracts were tied to tax-exempt bonds the college sold. Bank of America, the second-biggest U.S.
BUSINESS
November 23, 2006 | From Bloomberg News
JPMorgan Chase & Co., the third-biggest U.S. bank, agreed to pay $2.2 million to settle claims that the company's Bank One unit discriminated against hundreds of employees on long-term medical leave, the government said Wednesday. The U.S. Equal Employment Opportunity Commission claimed Bank One, which JPMorgan acquired in 2004, violated the Americans With Disabilities Act by failing to properly accommodate employees whose medical leaves exceeded six months.
OPINION
April 21, 1991
Maybe, just maybe, the American dream is not dead for the urban poor in California and Massachusetts. Hard work may still mean a chance to own a home or business, now that two major banks have committed billions of dollars in loan programs to help minority and low-income residents. The commitments from Bank of America and the Bank of Boston are commendable, but they are not altruistic--just good business.
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